I have a business class saver award ticket that leaves tomorrow from SFO to MUC with a return on the 18th from FRA and an excursionist from CPH to FRA.

The trip was to visit my brother and take my fiancee to Christmas markets. With the increased COVID restrictions it's fairly obvious I need to cancel but I'm trying to understand what exact the "cancel and rebook later" option means. It says:

If you would like to use your award ticket for future travel, you can now cancel your current reservation and rebook your travel at a later date. The mileage value will remain valid for one year after the original ticket date.

Do I need to rebook the same itinerary and will they again need to be saver business class tickets? That seems highly unlikely to get 60k flights for my fiancee and I from the same cities with good dates. Am I better off just depositing the miles into my account and paying the $250 fee or is there more flexibility with rebooking travel?